Protecting consumers - Watchdogs must have real teeth

EARLIER this week the Financial Regulator’s consumer panel reported that consumers are being “mercilessly fleeced” by banks trying to rebuild balance sheets crippled by mismanagement and greed.

The panel also severely criticised the “unacceptable” pace of investigations into how Ireland’s financial system imploded. The process, said the watchdog, “leaves a lot to be desired”.

Having pointed out that the wretched banks are using their muscle to squeeze some mortgage customers – anyone not on a tracker mortgage – to pay for their piracy through some of Europe’s highest interest rates, and, having pointed out that the investigations into our financial collapse are a long way short of convincing is it any wonder that the panel faces the axe under legislation before the Oireachtas?